The equipment and structures available to produce goods and services are called
a. physical capital.
b. human capital.
c. the production function.
d. technology.
a
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When sellers have more information about products than buyers do, we would expect
A) sellers to get higher prices for their goods than they could otherwise. B) buyers to pay lower prices for goods than they would otherwise. C) high-quality goods to drive low-quality goods out of the market. D) low-quality goods to drive high-quality goods out of the market.
Which of the following was not a reason why wages in the US increased during World War I?
a. A sharp decrease in immigration during the war. b. A large increase in drafting men into the armed forces. c. A large increase in the number of government contracts. d. A large increase in the number of women who were employed in the labor market.
Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?
A. A decrease in demand B. A decrease in supply C. An increase in demand D. An increase in supply
An externality occurs whenever
A) private costs are the same as social costs. B) private costs are the same as internal costs. C) private costs diverge from social costs. D) private costs plus internal costs equal social costs.